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Technology Stocks : Micron Only Forum -- Ignore unavailable to you. Want to Upgrade?

To: Skeeter Bug who wrote (47532)	8/6/1999 1:39:00 PM
From: John Graybill	Read Replies (3) \| Respond to of 53903

THEY DID IT! They closed the Goldman Gap! Today we have the SIA report and the ABN AMRO re-re-...-re-iteration (how about that upside potential, huh, another 15% in the next year) ready for use as end-of-the-day excuses for the gap-and-go, and the fruits of an absolutely textbook buy program that finally did the deed with seconds to go. The market-wide buy program began almost exactly at 11:00:00, and ended almost exactly at 12:00:00. (Compare MU to NASDAQ over that period -- down into 11:00, turn on a dime, straight up into 12:00, turn on a dime, it's over.) A perfect opportunity! The 11:59 bar was a nice spike, then the MU specialists made the first attempt at the gap at 12:00:10. It was a spike of 5/16 over the last sale (and 3/16 over the ask at the time) to 66 3/4, then two big blocks about thirty seconds later when that didn't "take", for two real micro-blowoff minutes. Even though the gap is "really" at 66 13/16 instead of 66 3/4, I'm assuming that either They feel they have done the job or they're out of their own stock to play games with. Just when we had lost interest! Way to go, They! Nice "witch's hat" formation to make the final assault. Haven't seen one of them in a long time. Still short from 62. NOW we can get DOWN to business! Oct 50 puts bottomed out at about 1 11/16 when MU was at 65 and still rising. Even at 66+ they had dropped only to 1 5/8. So, given that MU is at 65, and I'm getting itchy, the Oct 55's (at 2 3/4 x 2 7/8 or so) are more attractive to me now. (I'll actually see some appreciation in the options as MU drops.) So I picked up a few with MU at 66, but will wait for some down action before buying any more. Additionally, there's a better chance to take a decent amount of money off the table fast by selling Aug 55's for a buck or so on a drop. Hardly worth the effort to try to sell an Aug 50 for 50c.